The announcement of the news coming out after dropping 20% sales in the last quarter of 2023.
Nokia administration blamed the situation for low demand of 5g equipment from North America.
Around 80,000 employees have already been fired from the company from around the world 2015.
As per the officials, Nokia tried to regain the profitable sales and cut down the cost to the company by axels employees.
By taking this action, Nokia cut the cost to the company of around €400m in 2024, and €300m in 2025.
Nokia is known for being the biggest smartphone manufacturer in the world based in Espoo, Finland.
HMD Global is the parent company of Nokia.
Nokia became the biggest smartphone giant all over the world from 2002 to 2012.
Between 2002 to 2012 Nokia dominated the mobile market and covered 80% global sales around the world.
As per the reports Nokia try to establish its presence in the market again due to that they are cutting the cost to the company and planning to develop 5g equipment.